![]() On July 1, FTX and crypto lender BlockFi entered an agreement that would give FTX an option to purchase BlockFi for what was described as a “variable price” that could go up to $240 million. Earlier this month, Celsius tapped restructuring attorneys from Akin Gump Strauss Hauer & Feld and Citigroup to advise on possible solutions. According to a CoinDesk report, Goldman Sachs is looking to raise $2 billion from investors to buy up distressed assets from Hoboken-based crypto lender Celsius. Other crypto companies that had lent capital to 3AC are also struggling to stay afloat. Sam Bankman-Fried told Forbes in an exclusive interview, “You know, we're willing to do a somewhat bad deal here, if that's what it takes to sort of stabilize things and protect customers.” ![]() Sources familiar with the matter said Alameda Ventures does not expect to recoup that capital. The following Monday, the firm revealed it had used $75 million of Alameda’s loan to facilitate customer orders and withdrawals and engaged investment bank Moelis & Company as financial advisors. Voyager said it had approximately $137 million in cash and owned crypto assets on hand as of June 24. The debacle raises questions about what happens to investors' funds when an exchange ends. The two lines of credit provided by Alameda Ventures, $200 million in cash and USD Coin and 15,000 bitcoin, were supposed to expire at the end of 2024 and carry an annual interest rate of 5% payable on maturity. Crypto platforms Celsius and Voyager filed for bankruptcy protection after suspending account withdrawals. Other participants included Galaxy Digital, Blockdaemon and Digital Currency Group). As Three Arrows failed to meet margin calls, Voyager secured credit lines from the investment arm of Alameda Research, the trading firm founded by billionaire CEO of cryptocurrency exchange FTX, Sam Bankman-Fried, and Voyager’s major investor (In May, the broker raised $60 million in a private placement offering led by Alameda.
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